Following Moscow’s invasion of Ukraine, McDonald’s Corp (MCD.N) said on Monday that it has begun the process of selling its company in Russia after 30 years of operations.
McDonald’s shuttered all of its outlets in Russia, including the famous Pushkin Square site, in March.
The business intends to take a non-cash charge of $1.2 billion to $1.4 billion as part of the pullout.
“McDonald’s has concluded that ongoing ownership of the business in Russia is no longer tenable due to the humanitarian situation precipitated by the war in Ukraine, as well as the extremely uncertain operational climate,” McDonald’s stated.
After businesses around the world halted sales or stopped exports in protest of Moscow’s military operation in Ukraine, Mikhail Mishustin announced on Wednesday that Russia has given stores permission to import products from other countries without the permission of the trademark owner.
Western economic sanctions, as well as decisions by firms like H&M, Apple, and Nike to reduce their activities in Russia, have caused havoc on the Russian retail industry.
In a televised cabinet meeting, Mishustin claimed that “parallel imports” were required to ensure that some goods could continue to be transported to Russia.
“This way will secure the delivery of commodities to our nation, notwithstanding the antagonistic acts of foreign politicians,” he remarked.
According to Mishustin, the Ministry of Industry and Trade will select which items can be transported into Russia in this manner.
